DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
Retail

Carrefour Sales Growth Meets Estimates as Europe Accelerates

By Steve Wynne-Jones
Share this article
Carrefour Sales Growth Meets Estimates as Europe Accelerates

France’s largest retailer Carrefour reported further gains in revenue during the third quarter amid growth in its home market and an acceleration in Europe.

Revenue rose 2.2 per cent to €21.5 billion ($24.5 billion), Boulogne-Billancourt, France-based Carrefour said Friday before European markets opened. That matched the median of 17 estimates compiled by Bloomberg, as did sales in France, which rose 2.3 per cent to €10.3 billion.

The retailer had a strong quarter in Europe, boosted by gains in Spain, Italy, Belgium and Romania. Carrefour has staged a revival in the region by modernizing stores and adding collection points for online orders even as rivals such as Casino Guichard-Perrachon SA step up efforts to win customers. Sales fell in Asia amid weak consumption in China, though growth remained strong in Latin America.

“Europe has now become a growth engine for Carrefour,” chief financial officer Pierre-Jean Sivignon said on a call to reporters.

Carrefour is comfortable with the €2.45 billion consensus of analysts’ estimates for full-year recurring operating income, the CFO said. The consensus range was €2.51 billion to €2.53 billion in July. Sivignon attributed the reduction to currencies.

ADVERTISEMENT

The shares were little changed at €27.19 at the close of trading in Paris on Thursday.

News by Bloomberg, edited by ESM. To subscribe to ESM: The European Supermarket Magazine, click here.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.